Amex Membership Rewards Devaluation 2025: What’s Changing

Updated 10th December 2025:

If you’ve been building up American Express Membership Rewards points, there’s big news coming. From 15 December 2025, Amex is reshaping its rewards program in Australia, and not in our favour. Airline transfers are about to cost significantly more, Thai Airways is being cut as a partner, and Emirates Skywards takes the biggest hit yet.

As someone who’s held Amex for years and redeemed points on airlines like Emirates, Cathay, and Singapore Airlines, I know how powerful this program can be. But with another devaluation now confirmed, it’s time to reassess how valuable Membership Rewards really is and whether Amex is still worth it compared to other cards.

And if you’ve been sitting on a big balance, the question quickly becomes:
Should you transfer now before the rates change? And if yes… where?

I found myself in that exact situation. A large Amex Membership Rewards balance, not enough time, and far too many choices. After weeks of comparing Cathay Pacific Asia Miles, Singapore Airlines KrisFlyer, Emirates Skywards and Velocity, I ended up making a very deliberate decision.

More on that in a moment.

Here’s What We’ll Cover

• Thai Airways exits Membership Rewards
• Airline partner devaluations
• Everyday Rewards joins as a partner
• Points earn calculation tweak
• Emirates Skywards takes the biggest hit
• Expiry rules matter
• Availability Matters
• Sitting on a Mountain of Points?
• Here’s what i did.
• Is Amex still worth it?
• Do the math before you move points
• Velocity → KrisFlyer bonus hack
• FAQs

Thai Airways is Leaving

From 15 December 2025, Thai Airways Royal Orchid Plus disappears from the Amex Membership Rewards program.

That’s a real shame. Having recently flown Thai Airways, I was reminded what a strong airline they are: wonderful service, comfortable cabins, and a premium feel that rivals many larger carriers.

At the moment, you can transfer Amex points directly into Royal Orchid Plus at a 2:1 rate. Once the partnership ends, the only way to use Amex points for Thai flights will be indirectly via Singapore Airlines KrisFlyer, which remains at 3:1. Because KrisFlyer is part of Star Alliance, you can still redeem for Thai flights; but you’ll need 50% more Amex points than you would under the old Royal Orchid Plus partnership.

For me, this means shifting my Thai redemptions to KrisFlyer. The value isn’t as sharp, but at least the option remains open.

Airline Transfers Get Devalued (More Expensive)

Here’s where the pain really sets in.

Most major airline partners will now require 3 Membership Rewards points for 1 airline mile, instead of the current 2:1.

Emirates is going from 3:1 to 4:1, which is brutal.

Airline Partner	Current Rate	New Rate (from 15 Dec 2025)
British Airways Avios	2:1	3:1
Cathay Pacific Asia Miles	2:1	3:1
Emirates Skywards	3:1	4:1
Etihad Guest	2:1	3:1
Malaysia Airlines Enrich	2:1	3:1
Qatar Airways Avios	2:1	3:1
Virgin Atlantic Flying Club	2:1	3:1
Singapore Airlines KrisFlyer	3:1	No change
Velocity Frequent Flyer	2:1	No change
Air New Zealand Airpoints	200:1 (Airpoints Dollar)	No change
Hilton Honors	2:1	No change
Marriott Bonvoy	3:2	No change
Qantas Frequent Flyer (Ascent Premium only)	2:1	No change

👉 Translation: a seat that costs 90,000 Avios today requires 180,000 Amex points. After December, that same seat will set you back 270,000 Amex points. For Emirates, the climb is even steeper.

That’s a serious devaluation, especially if you’ve been saving for a premium redemption.

Everyday Rewards Joins as a Partner

With Thai Airways leaving, Amex is adding Everyday Rewards (Woolworths, BIG W, BWS, EG Ampol) as a new partner.

Transfers to Everyday Rewards will be at a 5:4 ratio.

In practice, that means there could be a back door to transferring into Qantas. Here’s how it could work:

• 2,500 Amex points → 2,000 Everyday Rewards points
• Those 2,000 Everyday Rewards points → 1,000 Qantas Points

This works out to an effective 2.5:1 Amex → Qantas conversion.

Here’s what it could look like on 1 million Amex Membership Reward Points:

Partner	Conversion Rate	Resulting Miles/Points
Everyday Rewards → Qantas	2.5:1 (via 5:4 then 2:1)	400,000 Qantas Points
Velocity Frequent Flyer	2:1	500,000 Velocity Points
Singapore Airlines KrisFlyer	3:1	333,333 KrisFlyer Miles
Emirates Skywards	4:1	250,000 Skywards Miles

Velocity gives you the biggest haul at 500,000 points.
Everyday Rewards comes in second at 400,000 points via the new 2.5:1 pathway.
While it isn’t the strongest value compared to direct airline transfers, it does finally give Amex cardholders a way to convert Membership Rewards points into Qantas Points.

However, keep expectations realistic: Qantas award seats are notoriously hard to find, and they often require significantly more points than Cathay or Singapore Airlines for the same flight. A bigger Qantas balance doesn’t always mean better value.

Important details to keep in mind

• Minimum transfers: Amex hasn’t confirmed what the minimum transfer will be for Everyday Rewards. Other partners allow transfers from 1,000 points, but until we see the fine print, assume there could be limits.
• Transfer times: Everyday Rewards points normally take up to 72 hours to appear, while Velocity and Qantas direct transfers are usually instant.
• Bonus Transfer Offers: From time to time, Amex runs transfer bonus promotions usually around 20% to 30% extra points when you move balances to certain partners. Keep your eye out on these as they change the maths considerably.

A Small Positive: Fairer Points Calculation

From 15 December 2025, Amex will also change how points are calculated:

• Before: Points only accrued on whole dollars (cents ignored).
• After: Purchases will be rounded to the nearest dollar before points are calculated.

Example: a $3.75 spend used to earn points on just $3. From December, it rounds to $4, giving you an extra point. For small, frequent transactions like coffees or rideshares, this could mean a modest boost in your yearly earn.

That said, the rate at which you actually earn points per dollar isn’t changing. So, while the rounding method is a win for low value transactions, your big ticket spending still delivers the same return.

What Doesn’t Change

Some partners are untouched:

• Velocity Frequent Flyer remains 2:1.
• Singapore Airlines KrisFlyer remains 3:1.
• Air New Zealand Airpoints, Hilton, Marriott stay the same.
• Qantas transfers remain for Ascent Premium members.

Emirates Skywards: The Biggest Loser

Among all the Amex airline partners, Emirates Skywards comes out worst in this latest shake up. From 15 December 2025, the transfer rate will slip to 4:1, making Skywards one of the weakest redemption options in the Membership Rewards program.

And that’s on top of other hurdles that have crept in over the years:

• High surcharges: Emirates redemptions often come with some of the steepest carrier fees and taxes in the industry.
• Axing of Chauffeur Services to Reward Tickets
• Restricted First Class: Blue-tier members are no longer allowed to redeem Skywards miles for First Class.
• Ban on kids in First Class redemptions: Children under nine can’t fly in First Class on award tickets; another move to protect the exclusivity of the cabin. Read my full article here on the Emirates Kids Ban.

It’s not just about the new 4:1 ratio. If we look back, Skywards has been chipped away at steadily:

Emirates Skywards Conversion Over Time

For 500,000 Amex Membership Points:

Period	Transfer Rate	Skywards Miles Received
Pre-2019	4:3	375,000 miles
2019 – Oct 2023	2:1	250,000 miles
Oct 2023 – Dec 14, 2025	3:1	166,667 miles
From Dec 15, 2025	4:1	125,000 miles

In short: 500,000 Amex points once gave you 375,000 Skywards miles. From December 2025, that same balance will only deliver 125,000 miles. In just a few years, two thirds of the value has disappeared.

For anyone with big balances of Amex points, Emirates is quickly becoming the least attractive place to park them. I certainly won’t be transferring my Amex points to Emirates anymore.

Don’t Forget Expiry Rules

One of Amex’s biggest strengths is that Membership Rewards points don’t expire (as long as your account is active). That may not be the case once you transfer them.

• Emirates Skywards: Expire after 3 years.
  (can pay to extend them for an additional 12 months)
• Singapore Airlines KrisFlyer: Expire after 3 years.
• Virgin Australia Velocity: Don’t expire with activity every 24 months.
• British Airways & Qatar Avios: No expiry with activity every 36 months.
• Asia Miles (Cathay Pacific): No expiry with activity every 18 months.

So yes, the devaluation stings, but transferring too early without a plan can cost you more; because expiring points are even worse than devalued ones.

Redemption Availability Matters

It’s also not just about how many miles you get. It’s whether you can actually use them.

This is where Emirates Skywards is hard to beat. I’ve never had trouble finding a reward seat, even at the last minute. Yes, the surcharges are high and the transfer rates are poor, but at least when you move points across, there’s a good chance you’ll be able to book the flight you want.

Other programs can be a different story. Qantas Frequent Flyer seats often appear for a moment, then vanish just as quickly. Velocity Rewards can also be tricky, with clunky search tools and patchy availability on premium cabins. Imagine transferring your Amex points only to discover you can’t actually use them. That’s a real risk with some partners.

👉 The lesson? Don’t just look at the maths on transfer rates. Consider how practical it is to redeem those points once they leave Amex.

Sitting on a Mountain of Points?

If you’re sitting on a big stash of Amex points, this is decision time.

• ✅ Got a redemption in mind? Transfer before 14 December 2025.
• ⚠️ No plans yet? Leave them in Amex, but with a warning.
  Yes, Membership Rewards points don’t expire, but if you’re holding a huge balance (think 500k–1M points), the value of those points drops sharply once the new transfer rates kick in. Unless you plan to redeem with programs that aren’t changing, your untouched stash will be worth significantly less from 15 December onwards.
• 🎯 If you really want to transfer before the devaluation…
  Cathay Pacific Asia Miles is one of the best value programs right now at the current 2:1 rate (before it changes to 3:1). Redemption value is strong, availability is reasonable, and miles stay alive with activity every 18 months. If you’re looking for the best “pre-devaluation” home for your points, Asia Miles is a standout pick.
• ❌ Dreaming of Emirates? Think twice. At 4:1 plus the carrier fees and taxes it’s simply not worth it anymore.

My Pick: Here’s What I Did.

Normally I’m the last person to rush a points transfer. I like my Amex balance sitting there safely, not expiring, and ready for whatever last-minute scheme I come up with. But this devaluation changed the equation.

After digging through Cathay, Singapore Airlines, Emirates and Velocity, checking award calendars, and running more spreadsheets than I care to admit, I made the call:
I moved my entire stash into Cathay Pacific Asia Miles.

And I did it for one simple reason: The value at 2:1 is too good to lose. Asia Miles has excellent premium cabin pricing, I found actual availability for the flights I want, and the programme keeps your miles alive with basic ongoing activity. Emirates at 4:1 was a hard no, and KrisFlyer just didn’t stack up. Even though the 3:1 rate isn’t changing, it still delivers far fewer miles than Cathay, and Singapore Airlines redemption pricing is almost always higher; especially for long-haul Business and First. I would have needed more points and more miles to book the same trip.

For my travel plans, Asia Miles was the clear winner.

Why is Amex Doing This?

Amex says the changes are to “deliver choice and value”, but let’s be honest: this is about cost and sustainability. Buying airline miles is expensive for banks, and with weaker exchange rates and inflation, Amex is passing those costs back to us. It’s also part of a global trend whereby banks and airlines are making loyalty programs less generous.

Is Amex Still Worth It?

Beyond these changes, it’s fair to ask: is Amex still the right card?

Other banks like Westpac, Citi, CommBank, have already cut back on rewards. Analysts tie much of this to possible Reserve Bank of Australia (RBA) rule changes on interchange fees. If banks are making less from merchants, they have less to spend on buying us miles.

That said, if Amex keeps hiking transfer rates while competitors sharpen their offers, it may be time to shop around. Sign up bonuses, bonus categories, and fee structures on other cards could deliver more bang for your buck.

Do the Math Before You Move Points

Before you shift points, work out how many you actually need and what they are worth. I’ve built a Point Redemption Value Calculator to help you crunch the numbers and get bang for your buck.

A Handy Hack: Stack Transfer Bonuses

Here’s a little known tip that can squeeze extra value out of your Amex points.

Every now and then, American Express runs transfer bonuses (often around 15% to 20%) when you move points to certain partners. I’ve personally taken advantage of this with Velocity Frequent Flyer, where Amex offered a 20% bonus.

Let’s break it down.

Example: 100,000 Amex Points via Velocity → KrisFlyer

Step	Conversion	Result
Amex → Velocity	2:1 ratio	100,000 Amex → 50,000 Velocity Points
20% bonus applied	+20% extra Velocity	50,000 + 10,000 = 60,000 Velocity Points
Velocity → KrisFlyer	1.55:1 ratio	60,000 Velocity → 38,709 KrisFlyer Miles
Amex → KrisFlyer (direct)	3:1 ratio	100,000 Amex → 33,333 KrisFlyer Miles

Result

By using the Velocity route during a 20% bonus promo, you end up with about 5,000 more KrisFlyer miles from the same 100,000 Amex points. A neat 15% boost overall.

👉 Tip: This hack only works when Amex is offering a live transfer bonus to Velocity. From experience this happens around November and May each year. Always check the promo terms before moving points, and remember: once they leave Amex, you can’t transfer them back.

FAQs

When is the last day to transfer at current rates?
You’ve got until 14 December 2025. From 15 December, the new (worse) rates apply.

Will my earn rate change?
No. You’ll still earn Membership Rewards points at the same rate, and they still don’t expire while your account remains active.

Do transfers cost extra fees?
Generally, no. Amex doesn’t charge to move points to airlines or hotels, and Everyday Rewards is expected to follow the same rule.

Which transfer option gives best value now?
After 15th December, Velocity at 2:1 is still strong but availability is scarce. Asia Miles moves to 3:1 but still has good award redemption rates and availability. KrisFlyer remains mediocre at 3:1. Emirates at 4:1 is now the weakest.

Is Everyday Rewards a good option?
It’s middle of the pack; better than Emirates, worse than Velocity. For some members, it’s a handy new path to Qantas Points (but redeeming them is a different story).

Is there anything positive in all this?
Not really. A couple of minor things. Amex will now round transactions to the nearest dollar when calculating points. That means small spends will earn a little more than they used to. Everyday Rewards could open up a new door to transfer into Qantas for those who weren’t able to.

Final Thoughts: Act Now, But Act Smart

This is one of the biggest devaluations Amex has rolled out in years. You have until 14 December 2025 to make a plan.

The golden rule? Earn and burn. Points don’t get more valuable over time, they get devalued. Use them strategically, keep expiry rules in mind, and don’t let your hard earned stash sit idle while programs keep shifting the goalposts.

This article is for informational purposes only and is not financial advice. It is written for existing Amex Membership Rewards cardholders who use their points for miles and travel.

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